PRICE ADJUSTMENTS AND MULTIREGIONAL RIGIDITIES IN THE ANALYSIS OF WORLD TRADE

David Batten and Börje Johansson

Papers in Regional Science, 1985, vol. 56, issue 1, 145-166

Abstract: ABSTRACT This paper reviews a variety of approaches to modeling interregional and international trade flows. It then suggests a framework which is capable of combining price formation mechanisms with factors which cause resistance to change and barriers to trade. In certain respects the framework adheres to the Takayama‐Judge tradition, but differs by using a probabilistic approach which generates solutions which are not perfectly competitive equilibria. With regard to prices, the adopted framework is Walrasian rather than Marshallian in nature.

Date: 1985
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https://doi.org/10.1111/j.1435-5597.1985.tb00844.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:presci:v:56:y:1985:i:1:p:145-166

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